If you are approaching the end of your fixed deal, you’ll be automatically moved onto your lenders standard variable rate. This means that you’ll go from paying a fixed rate for your mortgage, to a rate that can change on a monthly basis. If interest rates rise, can you be certain you’ll be able to pay higher costs for your mortgage?
By remortgaging, you can lock in a new offer that could be paying less than paying the standard variable rate.
You can remortgage up to six months before your current deal ends to lock in your new deal, so make sure you know how long you have left on your fixed-rate mortgage before applying to remortgage, as you could be hit with an early repayment charge.
If you’d like more information, please contact me today.